Innovation is at the forefront of everything we do - it's an important part of how we deliver on our vision to excel at securing and enhancing the financial wellbeing of people, businesses and communities.

For the Group, innovation is about seeing things from the customer's point of view and giving customers technologies and services that fundamentally change the way they access and manage their finances, for the better.

Along with enhancements to consumer and business applications, during the 2016 financial year we have made significant investments in emerging technology, such as our additional $10 million commitment to quantum computing research. We also expanded our technology capability internationally. In New Zealand, ASB launched the Clever Kash cashless money box; Commonwealth Bank in South Africa launched the MoneyTransfer remittance product; and in Hong Kong, we opened a new Innovation Lab.

Drive digital innovation for improved products and services

  • We committed a further $10 million for quantum computing research at the Centre for Quantum Computation and Communication Technology – taking our total commitment for quantum computing research to $15 million;
  • We entered a $1.6 million, five-year partnership to develop a centre of expertise for cyber security education at the University of New South Wales aimed at boosting the nation’s reserve of quality security engineering professionals;
  • Commonwealth Bank became the first bank to sign a memorandum of understanding with Israel's Chief Scientist of the Ministry of Economy providing access to emerging technology and innovation from start-ups and tech businesses in Israel;
  • We established our own blockchain research and became a founding member along with other global banks of the R3CEV blockchain consortium for research into blockchain technology; and;
  • And in Hong Kong we opened a new CommBank Innovation Lab creating a global approach to innovation that connects customers, employees and start-up communities to the latest FinTech developments. We also ran an innovation pop up lab in Melbourne this year and will be launching our third Innovation Lab in London later this year. As our global innovation network grows it highlights our commitment to innovation and to making life better for our customers.
  • The ability for potential customers to download the CommBank app and in a few minutes become a Commonwealth Bank customer and instantly transfer money in from their existing financial institution;
  • A new function called Photo-a-Bill, currently in pilot phase, allowing customers using the CommBank app and their iPhone camera to take a photo of a bill so the biller payment details are automatically populated;
  • An update to our CommBank Property app that helps customers search for properties that suit them, work out how affordable a property could be and assess the property's estimated market price and apply for a loan;
  • New international share trading through CommSec;
  • New updates in our CommBank app such as the ability to store loyalty cards, view financial portfolio, select any CBA MasterCard or American Express card for Mobile Phone Tap & Pay contactless payments, manage Travel Money Cards, notify us of travel and activate travel insurance; and;
  • And in New Zealand ASB launched KleverKash savings app and money box helping New Zealand children save.
  • Introduced instant credit decision for asset finance for small businesses applying online;
  • Launched the Trade Insight Manager app for our trade finance employees to work with clients to better help them undertake trade reviews;
  • Updated our global trade platform;
  • Provided a new Simple Business Overdraft product; and;
  • Launched a new security advice page online for businesses.
  • Launched a new app called CommBank Virtual Workplace giving prospective employees a look and feel as to what it is like working at Commonwealth Bank.
Image of a molecule representing Commonwealth Bank of Australia $10m investment in quantum computing

Additional $10m invested in quantum computing

Image of an ATM slot dispensing cash representing new MoneyTransfer remittance service in South Africa

Launched MoneyTransfer remittance product

Develop products and services for lending and investing that consider financial inclusion

Innovation is about much more than technology. It's about taking a customer-focused approach to designing products and services, recognising and responding to the needs of the different groups of customers we serve, both in Australia and overseas.

We continue to pursue the best technology solutions to create long term value for customers in emerging markets and address financial inclusion issues. For example, in countries within Asia or Africa, millions of people do not have access to a bank account, live remotely from a city and do not have access to a computer, but mobile phone penetration is high. Innovative mobile banking and other technology applications can deliver banking solutions where they're needed for the financial wellbeing of people, businesses and communities - wherever we do business.

  • In South Africa we leveraged our rapid prototyping capability to design and launch a new remittance service. In May 2016, 'MoneyTransfer' launched in Pick n' Pay stores nationwide. This product allows customers to send money between Pick n' Pay stores at the cash-register in a low cost, easy and secure way. In addition to the product and partnership, we introduced a short run manufacturing capability to produce the self-service kiosks in-house. This allowed us to manufacture and deliver over 500 kiosks to Pick n' Pay stores nationwide. In addition, the kiosks provide the infrastructure required for us to open full service bank accounts on the spot within 5 minutes.
  • In Indonesia we continued to grow our WISE (Women Investment Series) Initiative. WISE is a financial literacy movement from women, to women, with the objective to improve Indonesian women's financial literacy through a continuous and integrated financial literacy program that is specifically designed for their needs. As at June 2016 more than 1,800 women had attended face to face sessions and more than 3,100 women had used the mobile application.